Buyers of the first residential stages at the new Denarau Island development have been rewarded with notable increases in propriety value.
This follows an official valuation by renowned international property valuers, Knight Frank (New Zealand).
Knight Frank has assessed the average uplift on valuation for Denarau Waters’ Stage 1 at 29 percent, with Stage 2 of Denarau Waters at 11 percent.
Stage 1 compromises a total of 59 lots, with 41 at Stage 2. All lots sold out within two months of launching, marking a rapid grab for premium land lots at this upcoming, integrated tourism development.
For example, lot 32 in Stage was sold for $599,000 and has been valued by Knight Frank at $861,000.
As is common practice for property developments such as Denarau Waters, the first stage is often the cheapest, with prices steadily increasing as further stages are released.
The uplift was concluded from what Knight Frank valued what the market value should be, compared to what the lots were sold for.
Denarau Island developer, Ananth Reddy said the valuations were particularly rewarding for those who purchased at Stage 1.
“When our buyers settle in 2017, they’ll be receiving instant equity and some have been extremely thankful and seeing the benefits of purchasing,” he said.
Apart from residences, the landmark development will include commercial and tourism lots on the previously unsettled, southern side of Denarau.
Civil works have progressed well and like the residential lots, the commercial precinct has also received quick interest.
“There are only ten commercial lots to go, and four of these have already been purchased, leaving six left,” Mr Reddy added.
Selling at $1 million each, the lots measure at 1,200 sqm and present unmatched opportunities for retailers wanting to do business in the South Pacific’s most anticipated tourism and lifestyle centre.